Broker Sues Akers Biosciences, Inc. for $1.7 million for Cancelling and Misrepresenting the Negotiability of 2.8 Million Shares
On May 13, 2004, Alliance Investment Management Ltd. filed a claim against Akers Biosciences, Inc. in federal court in South Florida for making misrepresentations about the transferability of its shares of common stock and for wrongfully cancelling 2.8 million shares of stock that Alliance acquired. Akers is based in Thorofare, New Jersey, and manufactures and distributes rapid diagnostic testing products throughout the United States and Europe.
(PRWEB) May 30, 2004 -- On May 13, 2004, Alliance Investment Management Ltd. filed a claim against Akers Biosciences, Inc. in federal court in South Florida for making misrepresentations about the transferability of its shares of common stock and for wrongfully cancelling 2.8 million shares of stock that Alliance acquired. Akers is based in Thorofare, New Jersey, and manufactures and distributes rapid diagnostic testing products throughout the United States and Europe.
After obtaining oral and written assurances from Paul Freedman, Akers' Chief Financial Officer, and from Raymond F. Akers, Jr., Akers' President and Chief Executive Officer, that Akers' shares were negotiable and freely transferable, Alliance recently sold Akers' shares on the London Stock Exchange, only to later discover that Akers' 2.8 million shares were non-negotiable securities that could not be sold or transferred. When Alliance confronted Akers with its blatant misrepresentations, Akers cancelled the 2.8 million shares of its common stock leaving several Akers stockholders with worthless securities.
Alliance seeks monetary damages in excess of $1,692,800.00 U.S. The federal court has set the jury trial to begin April 11, 2005. Alliance's misrepresentation claims come at a critical time as Akers recently announced that it planned to register its shares with the United States Securities and Exchange Commission.
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